340 Oristo Ridge Way, West Columbia, SC 29170
3 beds · 3 baths · 1,776 sqft
Welcome to this charming 2-story home located in the Timmons Pond subdivision in West Columbia less than 15 minutes to downtown Columbia business district, the Vista and Riverwalk! This beautiful property has 3 bedrooms, 2.5 bathrooms, and a spacious 2-car garage with upgraded epoxy floors. Seller has made several improvements to the exterior and equipped the home with landscape lighting, gutters, extended patio, and a fenced yard which equal easier upkeep and curb appeal. Inside, find the luxury vinyl plank floors throughout the main level. The living room boasts media ports, faux plantation blinds, and a ceiling fan and opens to an expansive eat-in kitchen that is equipped with granite countertops, a tiled backsplash, an island with a bar, white cabinetry, and a pantry for added storage. Enjoy the convenience of gas heat, gas range, and a gas tankless hot water heater. Entering from the garage is a mudroom/laundry area with built-in bench storage with cubbies/coat rack for extra order. The primary suite, conveniently located on the main floor, includes a walk-in closet and a private bathroom with a step-in shower and dual sinks. Upstairs, you’ll find two additional bedrooms that share the 2nd full bathroom and awesome sized walk-in closet. Don’t miss the walk-in attic for easy storage. This home has everything you need and more—don’t miss the chance to make it yours! Disclaimer: CMLS has not reviewed and, therefore, does not endorse vendors who may appear in listings.
Source: COLUMBIASC #603214
Source: COLUMBIASC #603214
To qualify, you must meet the current FHA or VA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50%. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
What is Roam?
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
What is an assumable mortgage?
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
Why is an assumable mortgage valuable?
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
How can you find assumable mortgage listings?
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
How do I qualify for an assumable mortgage?
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 620, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.